If you are looking to purchase an aircraft hangar, it is vital to ensure that you have a solid purchase agreement in place. An aircraft hangar purchase agreement is a legal document that outlines all the terms and conditions of the sale. It is essential that this agreement is well-written and comprehensive to protect you and the seller.
Here are some key points that must be included in an aircraft hangar purchase agreement.
1. Purchase Price
The purchase price of the aircraft hangar is the most crucial aspect of the agreement. It must clearly state the price that the buyer will pay for the property.
2. Payment Schedule
The payment schedule must be outlined in the agreement. This includes the payment terms, such as the amount of the deposit and when it is due, the remaining balance, and when the final payment is due. The buyer must make sure that the payment schedule is feasible before entering into the agreement.
3. Property Description
The description of the property must be clear and concise. It should include the dimensions of the hangar and any other structures on the property. The agreement should also specify if any equipment or fixtures are included in the sale.
4. Condition of the Property
The agreement should outline the current condition of the property. This includes any repairs that need to be done before the sale is complete, and who is responsible for those repairs.
5. Closing Date
The closing date of the sale should be included in the agreement. It is typically within 30-60 days after the agreement is signed. The agreement must also specify if there are any contingencies that would delay the closing.
6. Title and Ownership
The agreement should include a section detailing the title and ownership of the property. The buyer should ensure that they have a clear title to the hangar before closing.
7. Representations and Warranties
The seller should provide representations and warranties about the property. These may include information about the property’s construction, condition, and any known issues. The buyer must ask the seller for all the necessary information before entering into the agreement.
8. Default and Remedies
The agreement should specify what constitutes default by the buyer or seller and the remedies if either party fails to fulfill their obligations.
9. Governing Law
The agreement must specify the governing law in case of any disputes. This will typically be the state where the property is located.
In conclusion, an aircraft hangar purchase agreement is a vital document that must include all the necessary elements to ensure a smooth and successful transaction. It is essential to have a well-written and comprehensive agreement to protect your interests as a buyer.